國內長晶設備龍頭，半導體光伏業務迅速卡位！
公司是國內晶體生長設備領域的龍頭企業。公司2007年成功研製國內首台全自動單晶硅生長爐，打破了高端單晶爐技術長期被國外壟斷的產業格局，填補了國內空白晶盛的TDR系列單晶爐從第一代發展到第四代目前成為國內單晶爐行業領導者，半導體材料生長和加工裝備技術與規模雙領先的企業。
晶盛機電晶體硅生長設備營收（億元）在同行業企業中佔據絕對優勢
晶盛機電單季度淨利潤持續創新高
隨着光伏市場逐步回暖和半導體產業景氣上行，公司單季度淨利潤持續創新高。2020年下半年公司利潤開始扭轉下降勢頭，同比增速轉正。2020年第3季度歸母淨利潤達到2.47億元，同比增長11.00%，環比增速為74.09%，單季度淨利潤創歷史最高水平。
光伏硅片預計未來產能可以達到400GW。行業對大硅片已達成共識，存量未來3-5年有1w多台長晶爐需要淘汰，增量未來2年可以看到200GW訂單，很多新玩家進入，公司21年訂單預期好。
公司長晶爐單月產值7億元左右，精密製造+供應鏈管理提升產能。目前長晶爐產能25台/天，一個禮拜工作6天，單月產值7億元左右。對晶盛機電來説，產能也有優勢，精益製造實現0庫存放大產能，零部件的供應鏈也在同步擴產。
以後光伏行業規模比技術更重要。在大硅片成本中，設備折舊佔比已經不再是第一位，客户更看設備商的能力是配套效率：1）交付能力，除了晶盛，沒有企業可以做到1個月交付500台長晶爐，交付能力還有提升空間；2）服務能力，設備到場後1個禮拜就可以投入運營和產量爬坡，並且穩定保持產量；3）未來研發潛力，供應商有沒有持續的研發能力，提高設備產能和降低能耗。
硅片環節晶盛正在開發【環線工藝】的【開方機】和【截斷機】，客户投資可以降低50%，運營成本也可以降低50%。210【切片機】晶盛是第一家做，涉及精密加工，但不是目前唯一一家做。切片機對應單晶爐的價值量為1:7，客户主要是中環。組件端晶盛的疊瓦組件設備目前已經更新到第三代。
硅片製造工藝可分為多晶硅提純、單晶硅生長以及硅片成型三大環節
盈利預測：
體生長工藝是光伏和半導體行業上游最核心的材料工藝。晶體生長設備作為核心裝備，在泛半導體行業迭代發展中起到了材料供應與效率提升的作用，幫助國內產業鏈從源頭上解決材料自主可控的問題。晶盛機電是國內長晶設備龍頭，下游客户為全球知名光伏和半導體硅片企業。公司長晶工藝積累深厚、裝備製造能力突出，在核心材料和設備領域快速卡位。
預測公司2020-2022年公司歸母淨利潤分別為8.44/12.27/16.20億元，EPS分別0.66/0.95/1.26元/股。
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